When you first begin to trade in forex, you can quickly become lost with new jargons and learning the system. You may be spending hours, if not days, doing a considerable amount of research. Although there is no real way of understanding trading unless you actually start to do it, joining a forex trading community is actually a good option to start your trading journey.
The great value of a community is often overlooked but without a helping hand, or two, it can be hard to find where you are going wrong or finding the right advice to solve your trading problems.
Here are FIVE reasons why you should join a forex trading community.
Learn from others
You may be tempted to trade on your own but there is so much more about trading to learn. It is safe to say that there will be traders in a community who are more experienced or possibly made the same mistakes you are making now.
By being a part of a community, you get to ask questions and pick up different strategies from other traders, rather than doing it all on your own. Traders from various levels of experience have different thoughts, trading systems or approaches. If you are a beginner, this is probably the best place to find yourself a mentor.
Being a part of a forex trading community means you don’t have to be watching the markets all the time because that is simply impossible. In a community, not only you get to trade ideas with others but receive feedback about your analysis. This means you will be challenged or applauded for your ideas or strategies. Either way, this gives a trader the motivation he/she needs to keep trading.
The psychological capacity of a trader will be tested along his/her trading journey, especially after making huge losses a few trades in a row. Despite the unfortunate event, you don’t have to quit trading to deal with the losses. You do not have to succumb to the ‘impossible to profit’ mindset.
You can always share your frustrations with the community and there will always be someone out there who is likely to be facing a similar situation or at least did. This helps you to cope with your mistakes on a less painful emotion and ultimately becomes a learning curve for you faster. The only question is: Are you open to it?
There is no way a trader can use the same trick over and over again if he/she expects to sustain their profitability. One of the key factors to become a successful trader is continuous learning. This applies even to seasoned traders. A forex trading community offers a platform for all types of conversation and information flowing.
Most successful forex traders do attribute their success to their trading communities as it gives them the access to a bigger stage and library of information.
By being part of a community, you become responsible for your actions. It is not just about your wins and losses. You will learn to be more analytical and disciplined in your trades because now there are others involved in your trading journey, especially if you are a Signal provider.
A feedback loop among the community members and yourself will happen where others can review your trades and vice versa. These feedback loops can be super beneficial if you pay attention to the details and improve your trading performance by learning from it.
Forex trading can be a hard learning process but its communities can be one of the active few where people help and mentor each other.
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Edited 15 Jan 2021, 15:05
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